AUGUSTA (AP) – A Maine company has acquired a Massachusetts-based boatbuilder and plans to relocate the business to Maine.

Kenway Corp., a fiberglass manufacturer in Augusta, has bought Maritime Skiff Inc., based in Duxbury, Mass., according to the Maine Department of Economic and Community Development.

Maritime Skiff will be renamed Maritime Marine and will serve as a sister company to Kenway Corp. with the same ownership and management .

Maritime Skiff produces up to 150 14- to 25-foot power boats a year. Kenway was a contract manufacturer that produced fiberglass hulls, decks and consoles for Maritime Skiff.

Under the new arrangment, Maritime Marine will produce power boats from start to finish and ship to dealers directly from Augusta.

Ken Priest, company president, said he hopes to double boat production to 300 in the next three to five years.

The merger of the two companies will result in five new jobs, with another 20 positions to be added in the next one to two years, Priest said.

Kenway Corp. was established in 1947 as a builder of plywood boats, and has evolved into a fiberglass manufacturing company for the marine, pulp and paper, and power industries.

Maritime Skiff was founded in 1991.